Kiddie Tax and Children’s Tax Returns

Kiddie Tax and Children's Tax Returns
Since nothing new and contentious has appeared in the Federal or Colorado tax world in the past few days, I figured it’s time to tackle an actual tax topics. Weird, I know. And just a bit boring. But since people have to file their taxes, and since they’re still using Google for tax advice (including tax ...

The Top Tax Rate is Higher Than You Think

The Top Tax Rate is Higher Than You Think
I heard a story. The person was trying to figure out a tax question for a friend of a friend, so I don’t know any actual details, and, like a good game of Telephone, what I did hear was probably altered beyond recognition (oh, you sell plants and seeds, not sex and weed!). Even though ...

Cracking The Secrets to Rental Property Tax Deductions

Cracking The Secrets to Rental Property Tax Deductions
A few weeks ago, a friend of mine asked me to compare some of the tax and economic consequences of purchasing a house under various situations. It was a great idea. As I started writing, though, I realized that I should probably touch on the tax consequences of each scenario first before I tried to compare them all. Especially since one ...

Ted Cruz Tax Plan Needs More Time In The Oven

Ted Cruz Tax Plan Needs More Time In The Oven
Last week I discussed Rand Paul’s EZ Tax Plan, which is a flat tax that sounds nice, but has little chance of success. Today, I’m moving to another flat tax plan, this one proposed by Tea Party Favorite Ted Cruz. Before this post, I’d heard a bit here and there about Ted Cruz’s tax plan, ...

Taxes and Destruction – The Casualty Loss Deduction

Taxes and Destruction - The Casualty Loss Deduction
While growing up in Redding, California, the disasters rolled around every year like our SimCity god was bored of our typical day to day living. If we didn’t suffer massive flooding and storm damage in the winter, then we could look forward to uncontrolled fires in the summer. Catastrophic events hit throughout the nation all the time, ...

Useless Deductions: Tax Preparation Fees

Useless Deductions: Tax Preparation Fees
(More 1040 deductions are explained here) Let me set up the scene: It’s the middle of the 20th century, and the income tax code, which started out as an adorable 30 page pamphlet, has exploded into a hideous monster like a gremlin given food after midnight. Elected officials all over the nation are fighting to make the returns ...

Section 179, Other Provisions Extended

Section 179, Other Provisions Extended
Looks like someone convinced Congress they’d only get their fruitcakes if they figured out our tax laws for 2014. I mentioned that the House passed this bill already, so this is the Senate rubber stamping the the bill and moving it to Pres. Obama’s desk. I’m not a Precog, but I’d put my money on the President signing the ...

Sales Tax Deduction 2014

Sales Tax Deduction 2014
(NOTE: if you’re looking for a list of itemized deductions, or more help with filling out your 1040, go back to the 1040 summary page here) Before I begin talking about the General Sales Tax Deduction on the Schedule A, I should mention that technically there’s no sales tax deduction in 2014. That doesn’t mean there won’t ...

State and Local Tax Deduction

State and Local Tax Deduction
(NOTE: if you’re looking for a list of itemized deductions, or more help with filling out your 1040, go back to the 1040 summary page here) So you want to take a State and Local Tax deduction, huh? Good. It’s really pretty simple for the vast majority of people. Just take a look at your W-2, ...

Personal Property Tax Deduction: You’re Doing It Wrong

Personal Property Tax Deduction: You're Doing It Wrong
Hello everyone! I’ve had a nice break from writing about taxes this past month, but I’m finally ready to get back on that horse (though writing about taxes would probably be better described as getting on a mule or, better yet, an ass). I’m picking up where I left off on my personal tax deduction ...